NIE vs. QQQX

Last updated Jun 20, 2026

NIE (Virtus Equity & Convertible Income Fund) and QQQX (Nuveen Nasdaq 100 Dynamic Overwrite Fund) are both Derivative Income funds. Both are actively managed. Over the past 10 years, NIE returned 14.05%/yr vs 13.46%/yr for QQQX. A 0.67 correlation means they provide meaningful diversification when combined. NIE charges 1.12%/yr vs 0.89%/yr for QQQX.

Performance

NIE vs. QQQX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus Equity & Convertible Income Fund (NIE) and Nuveen Nasdaq 100 Dynamic Overwrite Fund (QQQX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NIE achieves a 8.90% return, which is significantly lower than QQQX's 10.18% return. Both investments have delivered pretty close results over the past 10 years, with NIE having a 14.05% annualized return and QQQX not far behind at 13.46%.

NIE

• 1D: 0.19%
• 1M: -0.15%
• YTD: 8.90%
• 6M: 10.87%
• 1Y: 26.36%
• 3Y*: 18.84%
• 5Y*: 10.36%
• 10Y*: 14.05%

QQQX

• 1D: 1.56%
• 1M: 0.80%
• YTD: 10.18%
• 6M: 11.55%
• 1Y: 29.67%
• 3Y*: 14.66%
• 5Y*: 9.16%
• 10Y*: 13.46%

*Multi-year figures are annualized to reflect compound growth (CAGR)

NIE vs. QQQX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NIE Virtus Equity & Convertible Income Fund	8.90%	12.15%	28.64%	26.71%	-26.73%	18.89%	33.78%	31.09%	-5.69%	23.68%
QQQX Nuveen Nasdaq 100 Dynamic Overwrite Fund	10.18%	14.87%	25.61%	21.68%	-27.39%	25.32%	15.75%	28.83%	-11.68%	39.19%

Correlation

The correlation between NIE and QQQX is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Feb 23, 2007	0.67

The correlation between NIE and QQQX has been stable across timeframes, ranging from 0.67 to 0.76 - a consistent structural relationship.

Return for Risk

NIE vs. QQQX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NIE

NIE Risk / Return Rank: 66
NIE Sharpe Ratio Rank: 68
NIE Sortino Ratio Rank: 66
NIE Omega Ratio Rank: 63
NIE Calmar Ratio Rank: 65
NIE Martin Ratio Rank: 68

QQQX

QQQX Risk / Return Rank: 66
QQQX Sharpe Ratio Rank: 56
QQQX Sortino Ratio Rank: 56
QQQX Omega Ratio Rank: 55
QQQX Calmar Ratio Rank: 78
QQQX Martin Ratio Rank: 84

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

NIE vs. QQQX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Equity & Convertible Income Fund (NIE) and Nuveen Nasdaq 100 Dynamic Overwrite Fund (QQQX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	NIE	QQQX	Difference
Sharpe ratio: Return per unit of total volatility	2.16	1.96	+0.20
Sortino ratio: Return per unit of downside risk	3.01	2.79	+0.23
Omega ratio: Gain probability vs. loss probability	1.39	1.36	+0.03
Calmar ratio: Return relative to maximum drawdown	2.90	3.22	-0.33
Martin ratio: Return relative to average drawdown	11.92	14.12	-2.19

NIE vs. QQQX - Sharpe Ratio Comparison

The current NIE Sharpe Ratio is 2.16, which is comparable to the QQQX Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of NIE and QQQX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

NIE vs. QQQX - Drawdown Comparison

The maximum NIE drawdown since its inception was -57.90%, roughly equal to the maximum QQQX drawdown of -57.25%. Use the drawdown chart below to compare losses from any high point for NIE and QQQX.

Drawdown Indicators

	NIE	QQQX	Difference
Max Drawdown Largest peak-to-trough decline	-57.90%	-57.25%	-0.65%
Max Drawdown (1Y) Largest decline over 1 year	-8.99%	-9.11%	+0.12%
Max Drawdown (3Y) Largest decline over 3 years	-20.79%	-22.80%	+2.01%
Max Drawdown (5Y) Largest decline over 5 years	-31.04%	-29.33%	-1.71%
Max Drawdown (10Y) Largest decline over 10 years	-38.99%	-35.96%	-3.03%
Current Drawdown Current decline from peak	-1.95%	-3.20%	+1.25%
Average Drawdown Average peak-to-trough decline	-8.00%	-8.01%	+0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.18%	2.08%	+0.10%

Volatility

NIE vs. QQQX - Volatility Comparison

The current volatility for Virtus Equity & Convertible Income Fund (NIE) is 4.81%, while Nuveen Nasdaq 100 Dynamic Overwrite Fund (QQQX) has a volatility of 5.91%. This indicates that NIE experiences smaller price fluctuations and is considered to be less risky than QQQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NIE	QQQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.81%	5.91%	-1.10%
Volatility (6M) Calculated over the trailing 6-month period	9.90%	12.38%	-2.48%
Volatility (1Y) Calculated over the trailing 1-year period	12.05%	14.98%	-2.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.64%	19.92%	-2.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.80%	21.11%	-1.31%

NIE vs. QQQX - Expense Ratio Comparison

NIE has a 1.12% expense ratio, which is higher than QQQX's 0.89% expense ratio.

Dividends

NIE vs. QQQX - Dividend Comparison

NIE's dividend yield for the trailing twelve months is around 10.02%, more than QQQX's 8.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NIE Virtus Equity & Convertible Income Fund	10.02%	10.14%	8.11%	9.56%	21.81%	10.86%	5.37%	6.71%	8.20%	7.19%	8.25%	8.46%
QQQX Nuveen Nasdaq 100 Dynamic Overwrite Fund	8.24%	7.85%	6.73%	7.26%	9.66%	5.85%	6.00%	6.49%	8.40%	5.95%	7.54%	7.23%

Frequently Asked Questions

Can I hold both NIE and QQQX in my portfolio?

NIE and QQQX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NIE or QQQX?

QQQX has higher volatility (5.91%) compared to NIE (4.81%). In terms of maximum drawdown, NIE dropped -57.90% vs QQQX's -57.25%.

Which has better risk-adjusted returns?

NIE currently has the higher Sharpe Ratio (2.16 vs 1.96), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.